KUALA LUMPUR – VS Industry has earmarked around RM60 million ($12.9 million) for capital expenditures in 2024, which will be channeled towards optimizing costs.

The company said part of the capex will be used to enhance automation levels to lower manual labor costs, as well as expand the solar photovoltaic (PV) system at its headquarters to other facilities to meet environmental, social and governance commitments.

"We are pleased to share that the value chain enhancement project we embarked previously has charted good progress. The group also has other value chain enhancement initiatives in the pipeline," said managing director Datuk S.Y. Gan. "On balance, we are confident to navigate through the headwinds by leveraging on our lean balance sheet with low net gearing and healthy cashflow to emerge stronger than before."

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